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CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

DOW JONES NEWSWIRES CSC's (CSC) second-quarter earnings fell 15% as the information-technology company reported weaker revenue and margins along with sharply higher taxes. It raised its profit target for the year by 5 cents to $5.35 to $5.45 a share but lowered its revenue view to $16.5 billion to $17 billion from $16.8 billion to $17.2 billion. The information-technology services company, which provides services from consumer-credit information to online-data security, has benefited from increased IT outsourcing. For the quarter ended Oct. 1, CSC reported a profit of $184 million, or $1.18 a share, down from $216 million, or $1.40 a share, a year earlier. Revenue decreased 1.6% to $3.98 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.17 on revenue of $4 billion. Gross margin fell to 20% from 20.4%. CSC's managed-services segment, which is its largest by revenue and which mainly covers government contracts, saw revenue edge up 0.1%. Its North American public-sector business reported revenue declined 4.5%. Shares closed Tuesday at $48.79 and were down 1.4% premarket to $48.10. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for Computer Sciences (CSC)
DateTimeHeadline
06/24/201616:44:12Current Report Filing (8-k)
06/24/201616:37:00Additional Proxy Soliciting Materials (definitive) (defa14a)
06/24/201616:36:24Proxy Statement (definitive) (def 14a)
06/23/201617:22:49Filing of Certain Prospectuses and Communications in Connection...
06/23/201616:15:00Mike Lawrie to Resign as CSRA Chairman
06/23/201616:15:00Mike Lawrie to Resign as CSRA Chairman
06/22/201616:31:14Statement of Changes in Beneficial Ownership (4)
06/21/201617:07:46Current Report Filing (8-k)
06/20/201619:47:58Statement of Changes in Beneficial Ownership (4)
06/20/201619:47:58Statement of Changes in Beneficial Ownership (4)
06/20/201619:47:30Statement of Changes in Beneficial Ownership (4)
06/20/201619:36:59Statement of Changes in Beneficial Ownership (4)
06/17/201618:06:45Statement of Changes in Beneficial Ownership (4)
06/17/201618:06:17Statement of Changes in Beneficial Ownership (4)
06/17/201617:56:04Statement of Changes in Beneficial Ownership (4)
06/17/201617:56:04Statement of Changes in Beneficial Ownership (4)
06/17/201617:47:34Statement of Changes in Beneficial Ownership (4)
06/15/201617:35:10Statement of Changes in Beneficial Ownership (4)
06/15/201617:35:10Statement of Changes in Beneficial Ownership (4)
06/15/201617:34:41Statement of Changes in Beneficial Ownership (4)

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